Stocks Seen Higher; Internet Mergers Eyed
By Anupama Chandrasekaran NEW YORK (Reuters) - Stocks futures pointed to a slightly higher market open on Monday amid merger activity in the Internet sector, while oil prices edged up. In merger action, IAC/InterActiveCorp (IACI.O: Quote , Profile , Research ) , the Internet conglomerate run by media mogul Barry Diller, is near a deal to buy Web-search service Ask Jeeves Inc. (ASKJ.O: Quote , Profile , Research ) , sources familiar with the matter said on Sunday. Meanwhile, Internet company Yahoo Inc. (YHOO.O: Quote , Profile , Research ) has agreed to buy Ludicorp Research & Development Ltd. and the popular Flickr photo-sharing Web site it created, according to Flickr's Web site. Shares of restaurant chain Krispy Kreme Doughnuts Inc. (KKD.N: Quote , Profile , Research ) looked set to slide on worries over legal action by people who were members of its retirement and profit-sharing plans. Krispy Kreme fell 2.5 percent to $7.70 in after-hours trading on the Inet electronic brokerage system on Friday. S&P 500 futures (SPM5: Quote , Profile , Research ) rose 2 points, a touch above fair value accounting for interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures (DJM5: Quote , Profile , Research ) were up 2.5 points, while Nasdaq 100 (NDM5: Quote , Profile , Research ) climbed 8 points. No major economic data was scheduled for release on Monday, but investors were looking ahead to the Federal Open Market Committee's decision on interest rates on Tuesday. U.S. crude oil prices edged up on Monday as Saudi Arabia said OPEC had already begun talks on a second 500,000 barrel per day supply boost to add to half a million already agreed last week. Oil prices climbed 18 cents to $56.90. "Oil prices are still pretty firm and tomorrow we have the FOMC meeting and on the face of it you would have thought that the market would be a little hesitant but looking at the technical condition of the market it looks as if the S&P 500 is a little oversold. So maybe technically the market wants to move ahead," said Mike Lenhoff, chief strategist and head of research at Brewin Dolphin Securities Ltd in London. Meanwhile, International Business Machines Corp. (IBM.N: Quote , Profile , Research ) said on Sunday it has filed a lawsuit challenging an award by the state of Texas of a services contract to rival Accenture Ltd. (ACN.N: Quote , Profile , Research ) , citing irregularities in the state's process of awarding such contracts. Continued ...
Quelle "Stocks Seen Higher; Internet Mergers Eyed" : reuters.com
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